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Saving for College

College funding begins with saving. But how much should you save—and how?

The College Board® reports that half of all full-time public and private nonprofit four-year college students attend institutions charging tuition and fees of $11,550 or less per year. That said, if college tuition and fees were to increase by 5 percent per year, in ten years you can expect to pay over $62,000 over four years at a public college, and considerably higher for four years at a private college.

While college costs continue to rise, the good news is that there are many smart, tax-advantaged ways to save for college. We’ll help you navigate your college savings options, and provide tips and tools to help you make a college education an affordable choice for you or your child.

ESAs are another tax-advantaged way to pay for college. Investment options are broader than 529 plan choices, but you can’t save as much, and there are income restrictions. Custodial accounts allow a parent, grandparent or other adult makes all the investment decisions until the child for whom the account was opened reaches the age of majority.